[isatrader]

Stage 2 breakout "attempt" – Dow Jones E-mini Futures $YM – Stage Analysis Technical Attributes (SATA) chart. 

Weekly SATA score: 10
Daily SATA score: 8

Get the indicator: https://tradingview.com/script/o8cHtWrP-...eanalysis/

   

[pcabc]

S&P500 v Russell 3000

   
'Price' [1] just bounced off resistance, black trend line.  The earlier downward trend line was not met by the most recent low, but we have not had a higher low.  So still bearish based on the value of the index.  Breadth is stronger, my long term score [B, grey] is almost crossing above the zero line.  The % stocks above their 20, 50 and 200 day EMAs [11-13] and silver and gold cross indices [14, 15] have all strengthened.  The Weinsein Momentum [5] is kissing the zero line and the 1% A/D has just crossed above it. Of course breath will climb on a rally as well as after a bottom, so care is needed.  We had a similar increase in breadth a few months back but that was just a bear market rally.

FTSE TechMARK Focus
   
This continues to be the exceptional stronger chart.  However, the value of the index [1] has not made a higher low though it is making higher highs.  So one to watch, but a higher low is needed.

[pcabc]

GBP versus USD - 150 day MA is now rising

If GBP versus USD is in Stage 2 then this will impact those of us buying / holding US shares from the UK.  I would not the sharp drop Thursday, so it looks like it is not a dead cert stage 2, but the 50 day SMA is above the 150 day SMA and the 150 day SMA is rising.
       

[pcabc]

The S&P500 s 150 day SME is on an upward slope, and interesting sector trend lines

Could we be breaking into Stage 1 on the S&P500 and could some of the sectors be doing the same or even be near to breaking int Stage 2?

As noted in the title, the 150 day SMA [1], which looks essentially flat, actually has a slight upward slope.  Of course, nothing is stopping it dropping down again, but it is stronger than it has been since the Stage 4 started in spring of this year.  Of course, the more significant short term concern is that the index has rejected the trend-line and is dropping back.  It will be interesting to see where the low is?
   

US Sectors:

In general the US sectors look stronger than the S&P500.  Perhaps there is more strength in the mid caps which does not show in the S&P500, something to check?  See later on in this post.

Energy, Fiancials & Health Care  seem  to be the most interesting.

           
           
           
       

Small-cap S&P600:
Note the 2year timescale.  These small and mid cap indices seem to show more strength than the S&P500. I'm not sure it is clear on reflextion, but worth a look.
   

Mid-cap Dow Jones:
   

[pcabc]

S&P500 versus Russell 3000

We've reached a level where there is support at 3800 for the last few weeks  [1].  The 50 day EMA has crossed above the 150 day EMA.  So is this support level of 3800 a new higher low if the cross is significant or will it break down to a new lower low?  Breadth otherwise is fairly negative.  I think 'unclear' is the only safe prediction.

   

[pcabc]

US sector breadth

The stongest sectors appear to be Energy which appears to be making a Volatility Contraction Pattern [1], Financials which has made a higher high, Health Care and Industrials., the patterns are not so good in the latter two.

           
           
           
       

[pcabc]

Interesting things with UK?

FTSE 100 reaching long term highs?  Interesting things on other UK indices:


       
       

My breadth calculations have been strengthening.  New highs minus New Lows, [3] is just peeking above zero.  1% A/D is crossing up through zero [6].  % stocks above 20, 50 and 200 day EMA are rising as is the gold cross index [15].  However, not seen much of interest in my screener.

[pcabc]

European indicies

Some possible improvements in the European charts:
       
       
       
       
       
       
       

I find this interesting.  So does this mean that the bottom is in?  Unsure.